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July 2016 Archive


FHA Lending Picks Up, But Delinquency Deteriorates
Monthly residential business moved higher at the Federal Housing Administration, but so did the rate of past-due payments. Commercial lending activity, however, was mixed.

New Business More Than Doubles at Arch M.I.
New quarterly business more than doubled at Arch Mortgage Insurance Co., while the book of business grew and delinquency moved lower.

Originations, Servicing and Income Up at Impac
As home-lending activity increased at Impac Mortgage Holdings Inc., so did the size of its mortgage servicing portfolio and the amount it earned.

Updates to TRID Rule Proposed
Proposed changes to the TILA-RESPA integrated disclosures rule was welcomed by financial services associations, though three groups still have concerns.

HELOC Discrimination Settlement at Citizens Bank
A financial institution out of the East has agreed to settle allegations that it discriminated against a woman who was on maternity leave.

Mortgage Refinances Rise, Purchases Fall
A week-over-week increase in new refinance business wasn't quite enough to offset a decline in purchase activity. Adjustable-rate and jumbo activity accelerated.
Mortgage Market Index 175
Fannie's Biz at 3-Yr High, Lates at 8-Yr Low
New business climbed to a nearly three-year high at the Federal National Mortgage Association, while delinquency fell to an eight-year low.

Mortgage Rates Up But Could Reverse Rise
There was a modest up tick in fixed interest rates on residential loans, but the rise could be reversed in the next report seven days from now.

Mortgage Complaints Fall From Year Earlier
As complaints by U.S. consumers about all types of financial services rose over the past year, the number of mortgage complaints has diminished.

CIT Takes Big Hit on Reverse Mortgage Business
CIT Group Inc., the firm now led by former Merrill Lynch chief John Thain, took a hit for hundreds of millions of dollars on its legacy reverse mortgages.

Conduit-Securitization Business Closing
An investment banking firm out of New York has decided to pull the plug on its mortgage loan conduit and securitization business.

Fifth Third Mortgage Originations, Assets Up
Quarterly home-lending jumped by half at Cincinnati-based Fifth Third Bancorp. Residential assets grew, and delinquency declined.

Strong Quarter at Mortgage Insurer Radian
New quarterly business surged ahead, the book of business was bigger and defaults declined at mortgage insurer Radian Group Inc.

Ocwen Mortgage Originations Bounce Up
After falling to a four-year low, quarterly mortgage originations bounced higher at Ocwen Financial Corp. Servicing and staffing both saw a decline.

Mortgage Earnings, Originations Up at PrimeLending
Home lending picked up from the previous quarter and the year-previous period at PrimeLending. Mortgage income was strong for the bank-holding company.

Ditech Cutting TX Servicing Jobs
A diminishing need for employees who handle distressed loans has led to more layoffs at Ditech Financial LLC -- this time in South Texas.

Modest Increase in Pending Home Sales, NE Leads
The inventory of existing homes for sale crept slightly higher last month, though the month-over-month increase was more substantial in the Northeast.

Calif Newspaper Criticizes GSE PACE Policy
An editorial from a Northern California newspaper is critical of the government-sponsored enterprises' lending policy on Property Assessed Clean Energy obligations.

Quarterly EverBank Home Lending Up a Third
Residential loan originations at EverBank Financial Corp. were up by more than a third on a quarter-over-quarter basis and are likely to keep pace this quarter.

Mortgage Refinance Applications Recede
New applications for residential loans were down by more than a tenth on a week-over-week basis, with refinance activity suffering the biggest setback.

Freddie's Business at 11-Month High
New business at the Federal Home Loan Mortgage Corp. was the most it's been in 11 months, while delinquency fell to the lowest level in nearly eight years.

Mortgage Business Grows at HomeStreet
In addition to a healthy improvement in home lending activity at HomeStreet Inc., mortgage servicing, staffing and earnings all expanded.

EverBank Negotiating Sale of Company
EverBank Financial Corp., which has its roots in the mortgage industry, has disclosed that it is negotiating to be acquired by a financial services company.

Modified Mortgages Auctioned Off
Agency-backed residential loans that were previously modified have been sold at auction and are headed for securitization.

8-Year High for New Home Sales
The annual rate of new residential property sales last month climbed to the highest level in more than eight years, with the West leading the way.

Servicing Job Cuts at Ditech
As residential loan performance continues to improve, Ditech Financial LLC has decided to reduce its mortgage servicing staff in the South.

Flagstar Mortgage Originations, Servicing Grow
Flagstar Bancorp Inc. saw a quarter-over-quarter rise in home lending, and indicators point to continued gains. The mortgage servicing portfolio also increased.

Mortgage Delinquency Worsens, Foreclosures Mixed
While the foreclosure rate fell last month, 30-day delinquency climbed for the third month in a row and foreclosure starts rose for the second straight month.

Mid-Level Mortgage Management Changes
While there have recently been some C-Suite changes in real estate finance, there have been several mid-level mortgage executives who have either been promoted or recruited to fill vacancies.

Stunning Surge in Fairway Mortgage Originations
Quarterly home lending activity soared by nearly two-thirds from the prior period at Fairway Independent Mortgage Corp. In addition, the size of the staff expanded.

CFPB Needs Plan to Review Impact of Servicing Rule
A government report indicates that the Consumer Financial Protection Bureau needs to complete a plan to review the impact of servicing rules on community lenders.

Agency MSRs Trade Hands
A small portfolio of mortgage servicing rights on agency residential loans has been acquired by a small bank out of the South.

Mortgage Banking Spouses Mark 30 Years in Business
A Texas mortgage banking firm has made it to the three-decade mark thanks to the successful partnership of the husband-wife team that founded and runs the company.

MI Has Biggest Mortgage Job Gains, NC Most Losses
Quarterly hirings in the Motor City helped Michigan secure the biggest gains in mortgage employment, while the nation's biggest home lender was behind the state with the most mortgage job losses.

Mortgage Expansion at PRMI
An increase in residential lending at Primary Residential Mortgage Inc. was accompanied by more loans added to its mortgage servicing portfolio and more employees added to its staff.

Strong Quarter at Stearns Lending
Quarterly home lending climbed by more than a third at Stearns Lending Inc., while the mortgage servicing portfolio increased and staffing expanded.

Mortgage Refinances Retreat as Rates Rise
As mortgage rates ascended for the second straight week, new mortgage activity declined -- with refinance business taking a bigger hit than purchase financing.
Mortgage Market Index 177
SunTrust Home Loan Activity Flourishes
On point with top mortgage lending peers, SunTrust Banks Inc.'s quarterly production picked up speed. It also saw its servicing and investment portfolios grow.

Mortgage Rates Rise, Likely to Stay Put
A modest rise was recorded for mortgage rates this week, and several indicators suggest that they aren't likely to change over the next week.

Existing Home Sales Gains Might Be Unsustainable
Existing home sales improved last month, with the Midwest seeing the biggest month-over-month rise. But a key economist questions the ongoing viability of gains.

Mortgage Earnings, Originations Up at Huntington
Quarterly home lending grew stronger at Huntington Bancshares Inc., while a quarter-over-quarter gain was recorded for mortgage earnings. The servicing portfolio, though, fell.

Citizens' Home Lending Jumps, Headed Higher
Residential loan originations improved from the prior and year-earlier quarters at Citizens Financial Group Inc. and could ascend even higher.

BB&T Mortgage Originations Skyrocket, Servicing Up
Quarterly mortgage originations surged at BB&T Corp. In addition, the residential servicing and investment portfolios grew, quarterly earnings improved, and staff ranks swelled.

Mortgage Bankers Lift 2016 Origination Forecast
Mortgage banking economists now expect nearly $80 billion more in residential loan originations for all of this year than they forecasted just a month ago.

Monthly Mortgage Metrics Deteriorate
Home loans took longer to close last month, and the closing rate deteriorated. Meanwhile, the average credit score moved higher on a month-over-month basis.

For Sale: Nonperforming HELOCs
Investors are being solicited to bid on a small portfolio of nonperforming home-equity lines of credit with an east coast concentration.

Mortgage Applications Slip
Applications for residential loans turned lower following the holiday week, though activity jumped when seasonal factors are excluded.

VA Clarifies PACE Transactions
The Department of Veterans Affairs has clarified its requirements on mortgages that are subject to Property Assessed Clean Energy obligations.

Fannie Lifts Origination Forecast by $185 Billion
The Federal National Mortgage Association has increased this year's and next year's projected loan originations by $185 billion.

Multifamily Loans Boost CMBS Performance
Performance improved last month on loans included in commercial mortgage-backed securities thanks to apartment loan delinquency.

MGIC Business, Delinquency and Earnings Improve
The quarterly volume of new business, the degree of delinquency and the amount earned at the parent of MGIC Guaranty Insurance Corp. all improved.

Serious 2nd Mortgage Delinquency Down
Although there was a modest rise in serious delinquency on first mortgages, the past-due rate made a month-over-month improvement on second mortgages.

FHA Moves Forward With Lending Behind PACE Loans
The Department of Housing and Urban Development has followed through on a plan to allow government-insured loans on properties with energy efficient improvement liens.

Permits at 12-Mth High, NE Completed Const Soars
Monthly building permits for new housing units rose to a 12-month high. Meanwhile, completed construction soared in the Northeast.

Freddie Drives GSE Refis to 10-Month High
It has been 10 months since the number of Federal Home Loan Mortgage Corp. loans that were refinanced was as high as it was in May.

CFPB Outlines Mortgage Compliance Errors
Mortgage originator practices at some regulated entities have resulted in actions by the Consumer Financial Protection Bureau.

Big Non-Agency RMBS Transaction
A residential mortgage-backed securities transaction includes nearly $2.7 billion in jumbo and agency loans from JPMorgan Chase & Co. units.

Builder Outlook, Weakness in South Hurt Confidence
The monthly confidence level among the country's home builders was hurt because of expected traffic and weakness in the South.

Higher Jumbo Limit at Redwood
Maximum limits on single-family loans that are securitized by Redwood Trust Inc. have been boosted by one million dollars.

Home Lending Volume Up at BofA
Yet another big home loan provider -- Bank of America Corp. -- realized much healthier quarterly mortgage production volume. The servicing portfolio continued to diminish.

PNC Mortgage Originations Mixed
A quarter-over-quarter gain was made in home lending at The PNC Financial Services Group Inc., though there was a year-over drop.

US Bank Raises Mortgage Originations
Like its big-bank peers thus far, Minneapolis-based U.S. Bancorp, realized a healthy boom in residential home loans during the recent quarterly financial period.

Wells Fargo Prominent Among Mortgage Layoffs
In addition to 200 recent layoffs at Wells Fargo & Co. units, dozens of other mortgage layoffs at several locations across the country have recently been made.

15-Month High for New Weekly Mortgage Business
Although long-term interest rates for residential loans turned slightly higher, new mortgage business soared to the highest level in 15 months. Jumbo activity had the biggest gain.
Mortgage Market Index 209 in week ended July 15
Mortgage Industry, Economists Wrong About Rates
With economists forecasting a rise in interest rates last year, mortgage companies were reducing their staffs in anticipation of lower originations.

Wells Fargo Mortgage Business Overflows
Quarterly mortgage production at Wells Fargo & Co. surged well ahead of the prior period's numbers and even bested year-earlier originations.

Citi's Home Lending Blooms, Servicing Withers
Citigroup Inc. saw healthy quarter-over-quarter growth in its residential lending activity. The mortgage servicing portfolio, however, moved lower.

Mortgage Rates Mixed, Could Move Higher
Interest rates on residential loans were mostly mixed over the past week. But some signs point to a significant move higher over the next week.

Home Lending Surges at First Republic Bank
Quarterly mortgage originations at First Republic Bank shot up by more than half on a quarter-over-quarter basis, while the servicing portfolio grew.

Freddie Securitizing Jumbo Mortgages
The Federal Home Loan Mortgage Corp. is issuing residential mortgage-backed securities backed by pools of jumbo loans originated by non-banks.

Small Servicers Navigate Low Rate Environment Better
In the current period of near-record low interest rates on home loans, smaller mortgage servicers are better equipped to maintain growth than their larger counterparts.

Chase's Mortgage Originations Run Upward
With a retail spike in quarterly home lending activity, overall mortgage production at JPMorgan Chase & Co. outran prior-period results.

NewDay USA to Add Over 100 Employees This Year
NewDay USA has plans to add more than a hundred employees this year. The new recruits will work as loan originators, credit analysts and office staffers.

1st Mtg, HEL and HELOC Serious Delinquency Down
Serious monthly delinquency on first mortgages, home-equity installment loans and home-secured credit lines has been improving.

Multi-Year Highs for Q1 Mortgage Originations
The quarterly origination of first mortgages, home-equity loans and home-equity lines of credit has ascended to multi-year highs.

Retail and Wholesale HECM Production Slumps
Government-insured reverse mortgage production was down again for both retailers and wholesalers, though wholesale has slowed for more consecutive months.

Refi Mortgage Applications Jump
During the recent holiday week, new applications for mortgage refinances surged. But similar strength was not exhibited for new purchase activity.

Mortgage Educators Tackle Sales, Reverse Mortgages
Reverse mortgages and loan originator sales development are among some of the topics covered in recent releases of mortgage-related education services and events.

California Originations Reach 9-Year High
Mortgage production in the Golden State last year ascended to the highest level in nine years. Broker originations, though, were mixed.

90-Day Mortgage Rate at Over 8-Year Low
It's been over eight years since serious mortgage delinquency was this low. The foreclosure rate dipped despite a rise in repossessions.

Mortgage Refinance Outlook Leaps Over $300 Billion
The latest economic forecast has this year's and next year's mortgage refinances coming in over $300 billion higher than projected just last month. Expected purchase financing, though, diminished.

BofA Cutting Oregon Mortgage Jobs
More than a hundred mortgage employees are impacted from a decision by Bank of America Corp. to end operations at an Oregon location.

Embrace Home Loans Expanding Staff
With an increase in home prices expected this year, Embrace Home Loans plans to expand its staffing across the country.

Ginnie COO Among New Mortgage Execs
Among several recent mortgage executive moves are C-Suite appointments at the Federal National Mortgage Association and the Government National Mortgage Association.

Bank Merger Could Boost Buffalo Mortgage Hirings
The acquisition of a bank based in Buffalo, New York, could bring new mortgage jobs to the city, though some management positions are being cut.

No Ease in Mortgage Credit for 8 Months
It has been nine months since credit conditions in home lending have improved, with current conditions the tightest in 16 months.

Biggest Mortgage Lenders and Servicers
Two firms moved up a couple notches in the latest ranking of mortgage originators and servicers. The outlook for new lending activity is likely to improve thanks to Brexit.

Jumbo Overcomes Holiday Mortgage Slump
As was expected, new home-lending activity turned lower during the week that included the July 4th holiday. New jumbo business, however, actually accelerated.
Mortgage Market Index 166 in week ended July 8
New Mortgage Chief at Fifth Third
A mortgage servicing executive from PHH Corp. has been recruited by Fifth Third Bancorp to lead the company's residential lending business.


Ed Robinson recruited from PHH
Mortgage Jobs Expand, U.S. Payrolls Explode
U.S. employment was surprisingly higher last month, though unemployment grew. Mortgage broker jobs continued to expand.<

Possible Record Mortgage Rates Hinge on Jobs Report
Interest rates on residential loans are teetering near all-time lows, and a key economic report tomorrow could determine if a new record is set.

Progress Made On GSE Single Security
A report was issued about the progress made on the development by the government-sponsored enterprises and their regulator of a Common Securitization Platform and single security.

HEL, Mobile Home Loan Delinquency Deteriorates
Late payments on home-equity and mobile-home loans that are held by financial institutions turned higher during the first-three months of this year.

Ginnie, Mortgage Regulators Hosting Events
Three mortgage service providers are planning conventions for their users, while mortgage regulators and the Government National Mortgage Association are hosting events.

Monthly Bankruptcy Filings Inch Up
The number of consumers to file bankruptcy was minimally higher on a month-over-month basis but down from a year earlier.

HECM Production Creeps Higher
Although monthly government-insured reverse mortgage volume inched up last month, originations in the sector remain low by historical standards.

Mortgage Refinance Applications Surge on Brexit
Applications for residential loans turned sharply higher this past week thanks to Brexit, and ongoing falling rates could mean further improvement ahead.

More than 6-Year High for MTA
Despite declines in another adjustable-rate mortgage index, the Monthly Treasury Average rose to a level not seen in more than six years.

10-Year Treasury Yield at Lowest Ever
The yield on the 10-year Treasury note fell to the lowest level on record -- likely driving down fixed interest rates on home loans near their all-time lows.

Mortgage Security for Small Investors Launching
A new type of mortgage security that is targeted at aging Baby Boomers seeking to enhance their retirement income is being brought to market.

Ginnie MBS Issuance Hits 11-Month High
Securitizations completed on behalf of the Government National Mortgage Association were the highest they've been in almost one year.

Balloon Defaults Drive Up CMBS Delinquency
Late payments on securitized commercial real estate loans were significantly higher last month, and balloon-payment defaults were behind the deterioration.

Bank Mortgage Delinquency Down, REOs Up
Banks continued to make headway on home-loan performance, with the non-current rate falling. As delinquent loans are being cleared out, repossessions edged higher.

Nationstar Board Elects New Chairman
The board of directors at Nationstar Mortgage Holdings Inc. has elected the company's chief executive officer as its new chairman.

Non-Performing Loans Sold By Freddie
An agreement has been negotiated by the Federal Home Loan Mortgage Corp. to sell more than $40 million in non-performing mortgages.

Agency MBS Issuance Highest in Nearly 1 Year
The issuance of mortgage-backed securities by the government-controlled agencies last month ascended to the highest level in nearly a year.

Mortgage Refinances Soar to 4-Month High
In the first week following the historic Brexit vote, new mortgage refinance activity soared to the highest level in more than four months as rates plunged.


Mortgage Market Index 187 in week ended July 1
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